California State Controller John Chiang released his monthly revenue report today. Revenues fell way below projections for July, but state finance officials say it’s not so bad.
The controller says July revenues were $475 million short. The State ended the last fiscal year with a cash deficit of $9.6 billion. As of July 31, that cash deficit totaled $18 billion, and is being covered with temporary loans from special funds. State Controller John Chiang called the collections “disappointing.” Republican Senator Tom Harman says he’s concerned the state will run out of cash soon.